Claims filed for first-time unemployment benefits in the US fell more than expected last week to remain at a level that is low by historical standards.
Seasonally adjusted initial claims came in at 216,000 in the week ended June 15, according to data published by the Labor Department on Thursday. This was 6,000 more than the unrevised level registered a week earlier and below the consensus estimate of analysts polled by Econoday for 220,000.
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The four-week moving average — which is often seen as a more stable indicator of jobless claims — was 218,750, an increase of 1,000 from the previous week’s unrevised average of 217,750
The advance seasonally adjusted insured unemployment rate was 1.2% for the week ended June 8, unchanged from the previous week’s unrevised rate.
“The implication continues to be that the May payrolls data greatly exaggerated the extent to which net employment growth is slowing,” said Jim O’Sullivan, chief economist of High Frequency Economics.